TechFlow News, February 27: According to The Block, Minnesota Democratic-Farmer-Labor Party Representative Erin Koegel recently introduced bill HF 3642, which aims to ban the placement and operation of cryptocurrency ATMs (kiosks) statewide. The proposal stems from multiple reported fraud cases targeting elderly residents, some of whom have suffered severe financial hardship as a result. The Minnesota Department of Commerce has expressed “strong support” for the bill and plans to introduce a broader consumer protection proposal in the coming days.
According to reports, Minnesota currently hosts approximately 350 cryptocurrency ATMs operated by 8–10 companies. Last year, the state received 70 related complaints, reporting total losses of $540,000. The bill would repeal the existing regulatory framework established in 2024, including disclosure requirements and transaction limits.
